Tokio Marine Asset Management Co. Ltd. held its stake in shares of Eastman Chemical Co. (NYSE:EMN) during the second quarter, Holdings Channel reports. The firm owned 5,553 shares of the company’s stock at the end of the second quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $377,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Retirement Systems of Alabama boosted its position in Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock worth $27,518,000 after buying an additional 329,452 shares in the last quarter. State Street Corp raised its stake in Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock worth $451,861,000 after buying an additional 312,926 shares during the last quarter. Boston Advisors LLC raised its stake in Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock worth $14,244,000 after buying an additional 199,435 shares during the last quarter. Hancock Holding Co. raised its stake in Eastman Chemical by 369.6% in the first quarter. Hancock Holding Co. now owns 211,051 shares of the company’s stock worth $15,243,000 after buying an additional 166,109 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its stake in Eastman Chemical by 725.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 174,810 shares of the company’s stock worth $11,869,000 after buying an additional 153,621 shares during the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.
Eastman Chemical Co. (NYSE:EMN) traded down 1.44% during mid-day trading on Wednesday, reaching $64.37. 1,264,125 shares of the company traded hands. The firm has a market capitalization of $9.51 billion, a P/E ratio of 10.84 and a beta of 1.53. The company’s 50 day moving average price is $66.31 and its 200 day moving average price is $70.19. Eastman Chemical Co. has a 12-month low of $56.03 and a 12-month high of $78.79.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The firm’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.01 earnings per share. Equities research analysts predict that Eastman Chemical Co. will post $6.54 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a dividend of $0.46 per share. The ex-dividend date was Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.86%. Eastman Chemical’s dividend payout ratio is currently 30.98%.
A number of equities research analysts have recently commented on EMN shares. Nomura reduced their price objective on shares of Eastman Chemical from $83.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, July 11th. SunTrust Banks Inc. reiterated a “neutral” rating and set a $66.00 target price on shares of Eastman Chemical in a research report on Tuesday, August 2nd. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Morgan Stanley restated a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Finally, Jefferies Group restated a “buy” rating and set a $88.00 price objective on shares of Eastman Chemical in a report on Monday, October 3rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Hold” and a consensus target price of $76.29.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).